Third GIUK Online Meeting of 2024

On 31st October, the day after the new Chancellors budget, some 20 members of GIUK met online to discuss the implications on business and the wider market and share their impressions of the measures announced.

First impressions from the group were that the budget’s potential impact would not be as severe as many initially feared, and as a product of this and the Governments preparation, markets would likely remain relatively stable.

Amongst the diverse scales and sectors of GIUK’s member companies, the SMEs felt disproportionately affected by the tax increases and noted the absence of targeted support for them.

Many members shared their concerns about the potential for prolonged high inflation and interest rates, which could continue to constrain the retail sector business growth and limit wider economic growth.

On the spending side of the budget, members shared their experiences and ideas about the use of funds raised, and concerns remain about the effectiveness of the planned Government spending and investments.

Further statements about the upcoming industrial and infrastructure strategies to be launched by Government were highlighted as key deliverables to support each members business to make future plans and attract new inward investment.  The Industrial Strategy Green Paper and the review of Made Smarter were welcomed.

Finally, the group recognised the role of the new Skills England body announced by the Chancellor, and how it’s role in unifying the currently diverse aspects of UK vocational training would reinforce the improvements already made.  This will go along with the German Vocational Training System which has been our focus for a long time.